We can all find ourselves in months where we are counting down the days until payday, where every penny counts. For some, this is only temporary. While for others, it can be a struggle that can go on for months. Sometimes, we have the answer right in front of us. If we need a little extra disposable income, then perhaps we need to look at our current outgoings and see where savings can be made.
Many of us have just been through a horrendous few months with lockdown and for a lot of people, working from home was your new normal, and in some cases, people have had hours reduced or even lost their jobs. Your financial situation is now more important than ever before so you may be wondering what changes you can make to improve it, what you can to make savings long term and even help boost your income in some way. With that in mind, here are some of the ways you can save on your everyday bills. Let’s hope it inspires you to make savings yourself.
Look at your food expenditure
Food bills are one of the most significant ways we can spend more than what is necessary. Sometimes it’s not just about the initial spend but the amount we can waste by throwing away out of date food. Or not being proactive or creative with leftovers. Food costs are on the rise, and if you want to try and bring this cost down, then you have to become a savvy shopper. This can be done by shopping around in alternative shops to hunt out the best deals on things like meat or dairy products. However, one of the most popular ways to reduce your food bill is to spend time planning. It requires a little time and effort from yourself. All you need to do is sit down, work out what ingredients you have or what meals you would like to eat for the week ahead. Write a list of the ingredients you need to buy, and then stick to it when you attend the store. Some people have said this can almost halve their shopping bill, which is extra money in your back pocket.
Making some extra money from home
A great tip would be to consider how you can make some extra money from home and boost your disposable income in that way. There are plenty of ways that you can do this now. One of the first things to do would be to look at what you can declutter from your home and sell. This might be utilising websites like eBay and making money that way, or sending books and DVDs off by using apps that can help bring some money in that way. Another great tip would be to think about earning income through filling out surveys online, website checks and even things like mystery shopping. There are now more online opportunities to earn money, and that can help you to make more of your income from the comfort of your own home.
Sometimes you have to invest a little
While I appreciate that this article is all about saving money each month, at times to obtain the biggest savings you need to invest. For many, that may mean making improvements to your property. Energy bills are the next biggest outgoing after food and any mortgage or rent payments. Gas and electricity can be quite pricey, especially during the winter months when you need it the most. Heat could be escaping through your windows. Light fixtures could be burning through electricity so if you can afford to make some changes like replacing light bulbs to energy-saving ones. Or installing energy-saving windows and doors then this could help save you money on your energy bills. Also, investments like replacing windows can add value to your property. So that initial investment is never really lost.
Investments in the home will always be worth your while in the long term, but sometimes you can’t initially make the improvements that your home might desperately need. Sometimes it isn’t about making changes to your home for nice reasons and more to fix and repair your home. This is when you may need to think about things such as a loan to help you make the repairs. You could look online for the best type of loan for you that would suit your budget and current requirements. A long term investment will always be paid back through the value of your home, but this could help you make those changes to your home sooner rather than later. Finding the right type of loan could also help you to reduce other debts in your life by consolidating things into one affordable monthly payment while still benefiting from making some improvements to your home.
Is there anything you don’t need?
Sometimes it’s the little things that can all add up—having a full package from a digital TV provider—paying monthly to see your credit report. Even that take-out coffee you have each morning. All the small little expenses can add up to create a considerable saving. This is when deciding what you can live without is vital for creating any extra disposable income. When things improve, they can all be things you can have once more. Making these sacrifices now may mean that you realise that you no longer need them in your life, which can help you to continue to make the savings. A great tip would be to add the savings directly into a new account so that you can begin to save without realising that you are any better or worse off.
So there you have it. Some of the ways that you can make everyday savings as well as boost your income to ensure that you can make the most out of the income you have. Now more than ever you will want to look after every penny so let’s hope these tips help you save a little extra on those monthly bills.